Stock News

UK-based offshore vessel designer Chartwell Marine has started the construction of its new Brevity Class crew transfer vessel (CTV) at the Diverse Marine shipyard, becoming the latest in its growing pipeline of new vessel builds to supply the global offshore wind market.Chartwell Marine’s current new build pipeline now exceeds 15 vessels across six local shipyards – with 14 offshore wind vessels launched and operational at major offshore wind farms, including two in U.S. waters.The company’s latest CTV entered build in March 2024…

Star Bulk Carriers Corp. on Tuesday announced that it has completed its merger with fellow dry bulk shipping company Eagle Bulk Shipping Inc.Eagle Bulk shareholders this week voted to approve the $2.1 billion deal, which was first announced in December 2023.Under the terms of the merger agreement, each Eagle shareholder received 2.6211 shares of Star Bulk common stock for each share of Eagle common stock owned. Eagle common stock has ceased trading and will no longer be listed on the New York Stock Exchange.Petros Pappas…

For Cheryl “Cherrie” Felder, the path to the maritime industry was both untraditional and seemingly meant to be. After studying African art, she began her career working in a museum in New Orleans before landing a role directing professional rodeo in the Big Easy.“It was a lot of fun, and I learned a whole lot,” Felder said. “But as you may imagine, New Orleans is not a rodeo town. After the third year, the board of directors decided, okay, that's it. No more rodeo.”And that’s when Felder’s doorway to the maritime industry swung open…

Dutch shipbuilding conglomerate Damen Shipyards Group announced it has signed a contract with BOA Group for two ASD Tugs 3010 ICE. Due to Damen’s practice of constructing vessels in series for stock, the tugs were already under construction at the time of order and will be delivered later this year.BOA’s fleet consists of specialized offshore vessels, semi-submersible barges and harbor tugs. The order for these two Damen tugs is a part of the Norwegian company’s strategic fleet…

Because there are so many different kinds of passenger vessels, the critical topic of passenger safety can sometimes appear as a set of niche topics, each one just distantly connected to another. After all, passengers aboard a cruise ship in the Caribbean face safety issues that are much different than a commuter going from Jersey City to Manhattan or a tourist crossing from the Mukilteo, Wash. ferry terminal to Whidbey Island or a family on a fishing vessel in Miami.Importantly, though, for passenger vessel operators, a commitment to safety is not siloed.

Denmark's A.P. Moller-Maersk said on Thursday it will spin off its towage and marine services activities and plans to list the new company on the Nasdaq Copenhagen stock exchange.Maersk has sought to streamline its business in recent years, spinning off oil rigs and other units that did not fit with its core shipping and logistics operations.The anticipated first day of trading for the shares of the new company, to be called Svitzer Group, is on April 30, Maersk said as it reported…

Indonesian firm PT. Jhonlin Marine Trans has placed an order for two dredges from Royal IHC, based in the Netherlands.Jhonlin Marine Trans is the marine subsidiary of Jhonlin Group, one of the largest companies in Indonesia under the ownership of Mr. Samsudin Andi Arsyad. Rangga Rishar Saputra, Country Manager Indonesia for Royal IHC, said, “We are grateful that Jhonlin and Mr. Isam has put their faith in IHC Dredging in developing their dredging capacity. The investment in the Beagle 4 and Beaver 65 as the first purchase from IHC Dredging is a significant commitment.

Seattle-headquartered Saltchuk Holdings has renewed its bid to take over Overseas Shipholding Group (OSG), a New York-listed marine transportation company based in Tampa, Fla.Privately-held Saltchuk—OSG’s largest shareholder—had previously offered to acquire OSG in June 2021 but suspended those discussions several months later, citing pandemic-related market uncertainties.OSG, which operates U.S.-flag tankers and articulated tug barges (ATB), on Monday confirmed its board of directors…

For Chinese businessman Han Changming, disruptions to Red Sea freight are threatening the survival of his trading company in the eastern province of Fujian.Han, who exports Chinese-made cars to Africa and imports off-road vehicles from Europe, told Reuters the cost of shipping a container to Europe had surged to roughly $7,000 from $3,000 in December, when Yemen's Iran-aligned Houthi movement escalated attacks on shipping."The disruptions have wiped out our already thin profits…

Attacks by Yemeni Houthi rebels on merchant ships in the Red Sea have hit world trade. Between November and December 2023, the number of containers travelling through the Red Sea each day fell by 60% as ships moving goods between Asia and Europe diverted their routes around the Cape of Good Hope at the southern tip of Africa.This route results in at least ten days more sailing time, so has caused freight prices to surge and has triggered costly delays to production. The region has become a bottleneck for the global economy before.

Taiwan-based dry bulk shipowner Wisdom Marine Group and Singapore-based ship management company Synergy Group have announced a new joint venture (JV).Wisdom Synergy Ship Management (WSSM) will be headquartered in Singapore with key operational centres in Taiwan and India and will provide technical management for Wisdom’s diverse fleet.Last year, Wisdom chose Synergy Group to provide management services for a portion of its fleet.The JV cements a collaborative relationship established in 1999 by James Lan, Chairman of Wisdom Marine Group.

Belgian tanker operator Euronav and its controlling shareholder CMB have entered into a share purchase agreement for the acquisition of 100% of the shares in cleantech maritime group CMB.TECH for $1.15 billion in cash.Euronav said the transaction is part of its renewed strategy of diversification, decarbonization and accelerated optimization of the its current crude oil tanker fleet, driven by CMB.TECH’s ‘future-proof’ fleet of 106 low carbon vessels, of which 46 are under construction.CMB.TECH builds…

Senator Wesley Livsey Jones gave his name to the famous “Jones Act” governing U.S. domestic maritime trade. But what do really know about him? It turns out that he was much more than a leading merchant marine policy maker. (i)Jones had a long career in the U.S. House of Representatives before he was a Senator, was an effective legislator, an astute politician, one of the hardest working legislators of his era, and always viewed as honest and forthright. His many maritime legislative successes included the Merchant Marine Act…

The United States on Tuesday imposed sanctions on hundreds of people and entities, including in China, Turkey and the United Arab Emirates, as it targets Russia's sanctions evasion, future energy capabilities, banks and its metals and mining sector.The U.S. Treasury and State departments targeted more than 250 individuals and entities in Washington's latest action attempting to crack down on Russia and its evasion of sanctions imposed by the U.S. and its allies over the war in…

Dry bulk shipping companies Star Bulk Carriers and Eagle Bulk Shipping have reached a deal to merge in a $2.1 billion all-stock deal.The terms of the definitive agreement have received unanimous approval from the boards of directors of both New York-listed ocean carriers, and the companes expect the deal to close in the first half of 2024 following approvals from regulators and Eagle shareholder.Eagle shareholders will receive 2.6211 shares of Star Bulk common stock for each share of Eagle common stock owned.

Marine transportation services provider Hornbeck Offshore on Thursday made public its paperwork for a stock market listing in New York, which showed its revenue rose in the three months ended September.The listing will test the appetite for another stock flotation at a time when green shoots in the U.S. IPO market have been overshadowed by the poor post-debut performances of some high-profile firms that listed recently.Hornbeck intends to list its shares on the New York Stock…

Galileo and Odfjell Oceanwind are collaborating with Vår Energi on a floating offshore wind project at the Goliat platform outside Hammerfest in Norway. The partnership has been strengthened with The Kansai Electric Power Company Inc., a Japanese utility company, joining the team.The offshore wind park will be connected to the Goliat platform using the existing power cable to shore. The purpose of the project is to demonstrate floating offshore wind technology in Norway, as well…

The November edition of Marine News magazine highlighted a selection of the most notable American newbuilds delivered of 2023—from a first-of-its-kind green towboat, to the lead vessel in a series of game-changing ships to train U.S. mariners.Empire StateAs the lead vessel in a series of five new training ships being constructed to serve America's state maritime academies, Empire State is easily one of the most important U.S.-built vessels delivered in recent memory.Built by Philly Shipyard for the U.S.

Rolls-Royce (RR.L) said on Tuesday it would cut up to 2,500 jobs as its new chief executive seeks to build a more efficient business, the latest boss to attempt to revamp one of Britain's most prestigious engineering companies.Over the last decade, Rolls-Royce, whose engines and systems are used on the Airbus A350 and Boeing 787 as well as ships, submarines and in power generation, has been through several restructurings, axing more than 13,000 jobs.Tufan Erginbilgic, who took over in January, is the latest CEO to try to tackle the company's inefficiencies.

Cadeler A/S and Eneti Inc., two offshore wind turbine and foundation installation companies, have announced the commencement of a share exchange offer for all the outstanding shares of common stock of Eneti.The offer is being made pursuant to the Business Combination Agreement, announced on June 16, 2023. The offer is expected to close within Q4 2023.The combined group will be named Cadeler, and be headquartered in Copenhagen, Denmark, with its shares to be listed on the New York…

Danish shipping firm Maersk has sold 20,000,000 shares in Norway's Hoegh Autoliners, cutting its holding to zero, according to a stock exchange filing.The sale at a price of 90.00 Norwegian crowns ($8.34) per share represented approximately 10.48% of the share capital and votes in Hoegh Autoliners, the Norwegian firm said.(Reuters - Reporting by Nora Buli, Editing by Franklin Paul)

Floating platform developer Gazelle Wind Power has appointed clean energy finance industry expert Álvaro Ortega as Chief Financial Officer (CFO).Ortega is the former Vice President of Finance at Avangrid Inc., a publicly traded company on the NY Stock Exchange and the U.S. subsidiary of global energy leader Iberdrola.“Finding someone with a track record like Álvaro’s is rare. Due to his financial expertise and passion for renewable energy, his joining the team is a home run for Gazelle as we enter an exciting phase in our company’s development,” said Gazelle CEO and Founder Jon Salazar.

Carlo Luzzatto has been appointed as the future CEO and General Director of classification society RINA.The appointment is set to be formalized by the end of 2023, coinciding with Fondo Italiano d'Investimento's acquisition of a minority stake up to 33% in RINA S.p.A. This transition aligns with the joint growth objectives established with Fondo Italiano d'Investimento, reinforcing the Group's intention to make its stock market debut within the next 3-5 years.Ugo Salerno will continue to play an integral role in the running of the company…